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- SOL surged 8% to surpass BNB in market cap at $129B.
- Galaxy led a $1.65B Solana treasury push with $486M SOL buys.
- Analysts eye $300–$327 targets as treasury trend boosts demand.
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Solana (SOL) has officially overtaken Binance Coin (BNB) to become the fifth-largest crypto by market cap following a sharp rally this week. SOL surged nearly 8% after the latest U.S. CPI print, briefly touching the $240 mark and pushing its market capitalization above $129 billion—about $3 billion more than BNB at press time.
Galaxy Buys $486M in SOL to Back New Treasury Firm
Fueling Solana’s bullish momentum was the announcement that Galaxy Digital, alongside Jump and MultiCoin, has raised $1.65 billion to launch Forward Industries—set to be the largest Solana-focused treasury firm.
Galaxy alone reportedly purchased over $486 million worth of SOL in the past 24 hours, according to Lookonchain data. While it’s unclear if this purchase is directly tied to Forward Industries, Galaxy Founder Mike Novogratz described the move as the start of a “Solana season,” citing Solana’s speed, scalability, and potential to underpin next-generation capital markets.
Galaxy CEO @novogratz: Solana can do…more transactions than equities, fixed income, commodities and FX markets 🔥
— Solana (@solana) September 11, 2025
Solana szn pic.twitter.com/3snLPrgAht
Analysts Eye Higher SOL Targets as Treasury Trend Grows
Market analysts believe the emergence of Solana treasury firms could significantly reduce sell pressure by locking up large amounts of SOL. A Syncracy Capital analyst noted that such firms would effectively remove circulating supply, amplifying upward price pressure.
After missing $ETH, most of CT somehow psyoped themselves into missing the $SOL trade even AFTER they told you they have $1.6B in cash.
— MONK (@defi_monk) September 12, 2025
Some will be locked SOL, some will be from the market. Either way these vehicles are REMOVING %’s of supply from would be sellers🤦 https://t.co/E7N880RCya
Meanwhile, the SOL/BNB ratio has surged 24% since August, showing Solana’s clear outperformance. If the ratio revisits early 2025 levels, analysts suggest a price target near $327 per SOL. Options traders currently see over 50% odds of SOL hitting $250 this month and 30–40% odds of a $300–$350 range in Q4, especially if the Fed implements the anticipated rate cuts.
Bullish Q4 Outlook for Solana
With institutional players like Galaxy doubling down and treasury demand soaking up supply, Solana appears poised for more upside. If market momentum and macro tailwinds align, SOL could push toward new all-time highs in the coming months, solidifying its position ahead of BNB.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Solana Surges Past $227 on $1.65B Institutional Investment: SOL Rally Explained
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
